El Bosque Group
Lilia, who is the group’s representative, is 43 years old and has been married to Moisés for 24 years. They have children, but at present none of them depend on their parents. Lilia has been working in embroidery for the last 4 years. She says that she started this business because she noticed when items of clothing such as skirts, trousers and blouses, etc. had been finished with embroidery.
This time she is requesting a loan to buy different types of fabrics, but also to buy thread. Lilia considers it to be a very good activity because it is a way to earn a better income to improve her family’s quality of life. Lilia said “Eventually I would like to have a bigger workshop where more people could work and in that way give work to other people, although I need several sewing machines in order to fulfil this aim and the machines are very dear”. However, Lilia and the rest of the group are very grateful to VisioFund and Kiva because they have helped them to set up their productive activities.”
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid